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Texas Insurance Code - INS § 3502.101. Rate Filings

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Not later than the 15th day before the date a mortgage guaranty insurer uses a rate or supplementary rate information in this state, the insurer must file the rate and supplementary rate information, and any changes to the rate or supplementary rate information, with the department.

(b) The rate filing must include adequate supporting data, including:

(1) information on:

(A) past and prospective loss experience in this state and outside the state;

(B) catastrophe hazards;

(C) expenses of operation;  and

(D) a reasonable margin for profit and contingencies;

(2) an explanation of the insurer's interpretation of any statistical data on which the insurer relied;

(3) an explanation and description of the methods used in making the rates;  and

(4) certification by an appropriate official of the insurer relating to the appropriateness of the charges, rates, or rating plans based on reasonable assumptions and accompanied by adequate supporting information.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 3502.101. Rate Filings - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-3502-101/

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